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Rational choice-exchange theory | Society and Culture | MCAT | Khan Academy
 
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Created by Sydney Brown. Watch the next lesson: https://www.khanacademy.org/test-prep/mcat/society-and-culture/social-structures/v/social-theories-overview?utm_source=YT&utm_medium=Desc&utm_campaign=mcat Missed the previous lesson? https://www.khanacademy.org/test-prep/mcat/society-and-culture/social-structures/v/feminist-theory?utm_source=YT&utm_medium=Desc&utm_campaign=mcat MCAT on Khan Academy: Go ahead and practice some passage-based questions! About Khan Academy: Khan Academy offers practice exercises, instructional videos, and a personalized learning dashboard that empower learners to study at their own pace in and outside of the classroom. We tackle math, science, computer programming, history, art history, economics, and more. Our math missions guide learners from kindergarten to calculus using state-of-the-art, adaptive technology that identifies strengths and learning gaps. We've also partnered with institutions like NASA, The Museum of Modern Art, The California Academy of Sciences, and MIT to offer specialized content. For free. For everyone. Forever. #YouCanLearnAnything Subscribe to Khan Academy’s MCAT channel: https://www.youtube.com/channel/UCDkK5wqSuwDlJ3_nl3rgdiQ?sub_confirmation=1 Subscribe to Khan Academy: https://www.youtube.com/subscription_center?add_user=khanacademy
Views: 91533 khanacademymedicine
The social exchange
 
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Faml400, student video presentation.
Views: 4724 Cherisse F
social exchange theory relationships
 
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Description and evaluation of social exchange theory
What Is The Exchange Theory In Sociology?
 
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Encyclopedia english definition of social exchange theory our online dictionary has information from encyclopedia sociology strong roots in the fields economics, and psychology. The theory has roots in economics, psychology and sociology nov 27, 2013 exchange is a term that encompasses several theoretical of future directions linking to economic the definition our online dictionary information from. The first problem is that of names. Other social exchange theorists john thibaut, harold theory to the analysis of psychological and sociological phenomena karen s. Sociological theory exchange wikibooks, open books for social wikipedia. Sociological theory exchange wikibooks, open books for understanding social thoughtco. 1980 1981;12(1) 55 73. Homans' famous paper, 'social in this lesson, we define and discuss social exchange theory what it predicts about romantic relationships. Exchange theory dictionary definition of exchange social what is theory? Social work degree guide. Exchange theory in classical sociology thoughtdepartment of and anthropologywarshay, the current state sociological summarize most important beliefs assumptions symbolic interactionism exchange. Theoretical perspectives in sociology. Exchange theory sociology oxford bibliographies. Social exchange theory posits that all human relationships are formed by the use of a subjective cost benefit analysis and comparison alternatives social is psychological sociological perspective explains change stability as process negotiated exchanges between parties. From a historical perspective, early psychologists focused on the notes exchange theory and rational choice theoryfor sociology 333. Notes on exchange theory arthur wsocial in relationships definition, examples as a conceptual framework for jstorrational choice (video) classical sociology thought john hamlin 1. We have talked repeatedly about a sociological social exchange theory explains how we feel relationship with another person as depending on our perceptions of fairness int j aging hum dev. Cook and eric rice department of sociology, stanford. Sociological functionalism, exchange theory and life cycle analysis social under scrutiny researchgatesocial springer link. Sociological functionalism, exchange theory and life cycle analysis a call for more explicit theoretical bridges the approach in sociology [is] economic of noneconomic sociological miniaturism (or social psychology1) that ostensibly sep 30, 2014 credited as founder behavioral. Googleusercontent search. We also define and discuss the we present social exchange theory as a conceptual frameworkfor developing sociological imagination. Our central thesis is that this framework provides a during the last fifteen years there has emerged in sociology and social psych exchange approach might be described, for simplicity, as apr 9, 2014. Sociological theory exchange wikibooks, open books for understanding social thoughtco 3026634 url? Q webcache. Sociology social exchange the
Views: 129 Tedfri Teff
Exchange Economy with Two Consumers
 
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This video presents the mathematics behind the Edgeworth Box. I demonstrate the equilibrium solution (Walrasian) to an exchange economy with two consumers and two goods. I use the following information: Consumer 1's Utility and endowment: U = ln10X + lnY Endowment: X = 55 and Y = 0 Consumer 2's Utility and Endowment: U = ln10X + lnY Endowment: X = 0 and Y = 110 Note: the derivative of a natural log (ln) function such as Y = ln(g(x)) is given by: dY/dX = g'(x)/g(x)
Views: 53342 1sportingclays
Comparative advantage specialization and gains from trade | Microeconomics | Khan Academy
 
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How two parties can get better outcomes by specializing in their comparative advantage and trading Watch the next lesson: https://www.khanacademy.org/economics-finance-domain/microeconomics/choices-opp-cost-tutorial/gains-from-trade-tutorial/v/comparative-advantage-and-absolute-advantage?utm_source=YT&utm_medium=Desc&utm_campaign=microeconomics Missed the previous lesson? https://www.khanacademy.org/economics-finance-domain/microeconomics/choices-opp-cost-tutorial/production-possibilities/v/economic-growth-through-investment?utm_source=YT&utm_medium=Desc&utm_campaign=microeconomics Microeconomics on Khan Academy: Topics covered in a traditional college level introductory microeconomics course About Khan Academy: Khan Academy offers practice exercises, instructional videos, and a personalized learning dashboard that empower learners to study at their own pace in and outside of the classroom. We tackle math, science, computer programming, history, art history, economics, and more. Our math missions guide learners from kindergarten to calculus using state-of-the-art, adaptive technology that identifies strengths and learning gaps. We've also partnered with institutions like NASA, The Museum of Modern Art, The California Academy of Sciences, and MIT to offer specialized content. For free. For everyone. Forever. #YouCanLearnAnything Subscribe to Khan Academy's Microeconomics channel: https://www.youtube.com/channel/UC_6zQ54DjQJdLodwsxAsdZg Subscribe to Khan Academy: https://www.youtube.com/subscription_center?add_user=khanacademy
Views: 577263 Khan Academy
Social Exchange Theory
 
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Lovely little discussion about social aspects of Youtube, and sociology-related topics. Whoa! Intelligent conversation? NEVER!!!
Views: 5888 jackbauerpowerhour
The Underground Economy: Crash Course Econ #32
 
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What is an underground economy? Whether you call it a black market, a grey market, or just the shop down the street, its about connecting people with goods outside of official channels. Some stuff happens in the underground economy because it's illegal, but a lot of the money that moves around this way is exchanged for pretty mundane goods and services. We'll talk about how these things work, and the awesome ways that economists figure out where all that money is.
Views: 385690 CrashCourse
Game Theory and Oligopoly: Crash Course Economics #26
 
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Would you like to play a game, Dr. Falken? Actually, this episode isn't really about games, or Matthew Broderick, or Thermonuclear War. But enough with the long references to 1983's best movie, War Games. Today Jacob and Adriene are going to teach you about Oligopolies, which are kind of like the monopolies that we talked about last week, except with more companies involved. Then we'll get to the games, or rather, the game theory. Which is all about how companies try to compete with each other in the real world. Crash Course is on Patreon! You can support us directly by signing up at http://www.patreon.com/crashcourse Thanks to the following Patrons for their generous monthly contributions that help keep Crash Course free for everyone forever: Mark, Eric Kitchen, Jessica Wode, Jeffrey Thompson, Steve Marshall, Moritz Schmidt, Robert Kunz, Tim Curwick, Jason A Saslow, SR Foxley, Elliot Beter, Jacob Ash, Christian, Jan Schmid, Jirat, Christy Huddleston, Daniel Baulig, Chris Peters, Anna-Ester Volozh, Ian Dundore, Caleb Weeks -- Want to find Crash Course elsewhere on the internet? Facebook - http://www.facebook.com/YouTubeCrashCourse Twitter - http://www.twitter.com/TheCrashCourse Tumblr - http://thecrashcourse.tumblr.com Support Crash Course on Patreon: http://patreon.com/crashcourse CC Kids: http://www.youtube.com/crashcoursekids
Views: 651560 CrashCourse
Floating vs. Fixed Exchange Rates- Macroeconomics 5.4
 
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Float it or fix it? Mr. Clifford expalins the difference between floating and fixed exchange rates and how countries peg the value of their currency to another currency. Make sure to watch this video first: https://www.youtube.com/watch?v=9DVYVfI81R8
Views: 255043 Jacob Clifford
Reciprocity: 25 Concepts in Anthropology
 
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A preview of "reciprocity" as anthropologists use the term. Important authors and concepts include: Malinowski (Trobriand Islands); Boas (Kwakiutl, potlatch); Mauss (Maori, hau); Geertz (Javanese, slametan); Sahlins (generalized, specific, negative). After reading these authors, advanced students might want to look at Gregory, Gifts and Commodities and Strathern, The Gendered Gift. For comparison, you might want to look at my video on commodity. Recommended reading: Mauss, Marcel. 1990 The Gift: The Form and Reason for Exchange in Archaic Societies. London: Routledge. About me: I'm Nick Herriman, author of the books "Entangled State" and "Witch-hunt and Conspiracy". I lecture in Anthropology at La Trobe University. I am also the 'Audible Anthropologist' on iTunes. About "25 Concepts in Anthropology": I preview what I think are the 25 most important concepts in socio-cultural anthropology. Each concept provides a unique insight into what it is to be human. See my Blogs on: *fieldwork in the Cocos Islands http://nicholasherriman.blogspot.com.au * the Anthropology of Symbols http://anthropologyofsymbols.blogspot.com.au
Views: 15577 Nicholas Herriman
Measuring your social impact: Theory of Change
 
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The Theory of Change forms the backbone of any social impact measurement system. It links the day to day activities in your organisation to your overall mission or long term goals. This is a key step in deciding what you will need to measure to evidence your social impact. Produced by the Social Investment Business and the Good Analyst. More information available at www.sibgroup.org.uk/impact
An Introduction to the Edgeworth Box Diagram
 
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Tutorial on the Edgeworth Box Diagram including the contract line and marginal rates of substitutions (MRS). Typically used in microeconomics and international economics. Related Videos Playlist on Consumer Theory (includes indifference curves) http://www.youtube.com/playlist?list=PL2D7155066C3E2720 Like MyBookSucks on: http://www.facebook.com/PartyMoreStudyless
Views: 135471 Economicsfun
Economic Schools of Thought: Crash Course Economics #14
 
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We talk a lot about Keynesian economics on this show, pretty much because the real world currently runs on Keynesian principles. That said, there are some other economic ideas out there, and today we're going to talk about a few of them. So, if you've been aching to hear about socialism, communism, the Chicago School, or the Austrian School, this episode is for you. Crash Course is on Patreon! You can support us directly by signing up at http://www.patreon.com/crashcourse Thanks to the following Patrons for their generous monthly contributions that help keep Crash Course free for everyone forever: Fatima Iqbal, Penelope Flagg, Eugenia Karlson, Alex S, Jirat, Tim Curwick, Christy Huddleston, Eric Kitchen, Moritz Schmidt, Today I Found Out, Avi Yashchin, Chris Peters, Eric Knight, Jacob Ash, Simun Niclasen, Jan Schmid, Elliot Beter, Sandra Aft, SR Foxley, Ian Dundore, Daniel Baulig, Jason A Saslow, Robert Kunz, Jessica Wode, Steve Marshall, Anna-Ester Volozh, Christian, Caleb Weeks, Jeffrey Thompson, James Craver, and Markus Persson Want to find Crash Course elsewhere on the internet? Facebook - http://www.facebook.com/YouTubeCrashCourse Twitter - http://www.twitter.com/TheCrashCourse Tumblr - http://thecrashcourse.tumblr.com Support Crash Course on Patreon: http://patreon.com/crashcourse CC Kids: http://www.youtube.com/crashcoursekids
Views: 761835 CrashCourse
Income and Wealth Inequality: Crash Course Economics #17
 
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Inequality is a big, big subject. There's racial inequality, gender inequality, and lots and lots of other kinds of inequality. This is Econ, so we're going to talk about wealth inequality and income inequality. There's no question that economic inequality is real. But there is disagreement as to whether income inequality is a problem, and what can or should be done about it. *** Crash Course is on Patreon! You can support us directly by signing up at http://www.patreon.com/crashcourse Thanks to the following Patrons for their generous monthly contributions that help keep Crash Course free for everyone forever: Mark, Eric Kitchen, Jessica Wode, Jeffrey Thompson, Steve Marshall, Moritz Schmidt, Robert Kunz, Tim Curwick, Jason A Saslow, SR Foxley, Elliot Beter, Jacob Ash, Christian, Jan Schmid, Jirat, Christy Huddleston, Daniel Baulig, Chris Peters, Anna-Ester Volozh, Ian Dundore, Caleb Weeks -- Want to find Crash Course elsewhere on the internet? Facebook - http://www.facebook.com/YouTubeCrashCourse Twitter - http://www.twitter.com/TheCrashCourse Tumblr - http://thecrashcourse.tumblr.com Support Crash Course on Patreon: http://patreon.com/crashcourse CC Kids: http://www.youtube.com/crashcoursekids
Views: 824253 CrashCourse
Economic anthropology and the exchange of wealth
 
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An introductory talk describing the exchange of wealth as analysed by social anthropologists
Views: 6406 Cambridge University
Social Mobility: Crash Course Sociology #26
 
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Today we’re exploring social mobility in some more depth. We’ll look at intergenerational and intragenerational mobility and the difference between absolute and relative mobility. We’ll go over the long run upward social mobility trends in the United States, as well as recent declines in absolute social mobility. We’ll also explore how opportunities for social mobility differ by class, race, and gender. Crash Course is made with Adobe Creative Cloud. Get a free trial here: https://www.adobe.com/creativecloud.html *** References: Sociology by John J. Macionis, 15th edition (2014) Measuring relative mobility, part https://www.brookings.edu/blog/social-mobility-memos/2015/04/28/measuring-relative-mobility-part-2/ Five Bleak Facts on Black Opportunity https://www.brookings.edu/blog/social-mobility-memos/2015/01/15/five-bleak-facts-on-black-opportunity/ Pay Equity & Discrimination https://iwpr.org/issue/employment-education-economic-change/pay-equity-discrimination/ In the U.S. and abroad, more young adults are living with their parents http://www.pewresearch.org/fact-tank/2016/05/24/in-the-u-s-and-abroad-more-young-adults-are-living-with-their-parents/
Views: 101824 CrashCourse
The Endowment Effect
 
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A brief explanation of the endowment effect—a classic case of how human behavior is a lot more confusing (and a lot less rational) than one might predict. WORKS CITED: “Anomalies: The Endowment Effect, Loss Aversion, and Status Quo Bias” Daniel Kahneman, Jack L. Knetsch, Richard H. Thaler in The Journal of Economic Perspectives. Winter 1991 https://www.princeton.edu/~kahneman/docs/Publications/Anomalies_DK_JLK_RHT_1991.pdf “Loss aversion in riskless choice: a reference-dependent model” Amos Tversky and Daniel Kahneman in The Quarterly Journal of Economics. November 1991 http://www3.uah.es/econ/MicroDoct/Tversky_Kahneman_1991_Loss%20aversion.pdf “Explanations of the endowment effect: an integrative review” Carey K. Morewedge and Colleen E. Giblin. June 2015 http://careymorewedge.com/papers/EndowmentReview.pdf “Possession, feelings of ownership and the endowment effect” Jochen Reb and Terry Connolly in Judgement and Decision Making. April 2007 http://journal.sjdm.org/jdm06131.pdf LINKS AND FURTHER READING: http://bigthink.com/insights-of-genius/rethinking-the-endowment-effect-how-ownership-effects-our-valuations https://www.scheller.gatech.edu/directory/faculty/dommer/pubs/Dommer%20and%20Swaminathan%202013.pdf http://www.cmu.edu/dietrich/sds/docs/loewenstein/NeuralAnteEndowEffect.pdf http://www.economist.com/node/11579107 https://www.uibk.ac.at/economics/bbl/lit_se/lit_se_ss06_papiere/kahneman_knetsch_and_thaler_(1990).pdf http://www.ft.com/intl/cms/s/f9b17740-9205-11e5-bd82-c1fb87bef7af,Authorised=false.html?siteedition=intl&_i_location=http%3A%2F%2Fwww.ft.com%2Fcms%2Fs%2F0%2Ff9b17740-9205-11e5-bd82-c1fb87bef7af.html%3Fsiteedition%3Dintl&_i_referer=&classification=conditional_standard&iab=barrier-app#axzz4A5MskH7Q http://www.forbes.com/sites/joshuakennedy/2013/12/06/why-so-few-trades-are-made-in-your-fantasy-football-league/#5f28de7f7b07 ASSETS/MUSIC: Pusheen Source: https://commons.wikimedia.org/wiki/File:Pusheen_.gif I Am Running Down the Long Hallway of Viewmont Elementary by Chris Zabriskie http://freemusicarchive.org/music/Chris_Zabriskie/I_Am_a_Man_Who_Will_Fight_for_Your_Honor/I_Am_Running_Down_the_Long_Hallway_of_Viewmont_Elementary
Views: 18553 QHat
The Economics of Sex
 
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Like the Austin Institute on Facebook: http://bit.ly/AtxInstitute Follow the Austin Institute on Twitter: http://bit.ly/AItweet The Research: http://www.austin-institute.org/ai-research-animates This Research Animate pulls together some of the key sexual economics arguments made by social scientists, including Roy Baumeister, Kathleen Vohs, Timothy Reichert, Mark Regnerus, and George Akerlof. Essential to the mission of the Austin Institute is the dissemination of both thought-provoking and rigorous academic research on family, sexuality, social structures and human relationships. In order to engage a wider audience, we are developing select research projects into a medium amenable to our digital age.
Views: 1806143 The Austin Institute
Theories About Family & Marriage: Crash Course Sociology #37
 
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Today we’ll explore how sociology defines family and the different terms used to describe specific types of family. We’ll look at marriage in different societies, as well as marital residential patterns and patterns of descent. And, of course, we’ll go over the three sociological schools of thought on the societal role of marriage and family. Crash Course is made with Adobe Creative Cloud. Get a free trial here: https://www.adobe.com/creativecloud/catalog/desktop.html *** References: Sociology by John J. Macionis, 15th edition (2014) *** Crash Course is on Patreon! You can support us directly by signing up at http://www.patreon.com/crashcourse Thanks to the following Patrons for their generous monthly contributions that help keep Crash Course free for everyone forever: Mark Brouwer, Nathan Taylor, Divonne Holmes à Court, Brian Thomas Gossett, Khaled El Shalakany, Indika Siriwardena, Robert Kunz, SR Foxley, Sam Ferguson, Yasenia Cruz, Daniel Baulig, Eric Koslow Caleb Weeks, Tim Curwick, Jessica Wode, Cami Wilson, Eric Prestemon, Evren Türkmenoğlu, Alexander Tamas, Justin Zingsheim, D.A. Noe, Shawn Arnold, Tom Trval, mark austin, Ruth Perez, Malcolm Callis, Kathrin Janßen, Ken Penttinen, Advait Shinde, Cody Carpenter, Annamaria Herrera, William McGraw, Bader AlGhamdi, Vaso, Melissa Briski, Joey Quek, Andrei Krishkevich, Rachel Bright, Alex S, Mayumi Maeda, Kathy & Tim Philip, Montather, Jirat, Eric Kitchen, Moritz Schmidt, Ian Dundore, Chris Peters, Sandra Aft, Jason A Saslow, Steve Marshall -- Want to find Crash Course elsewhere on the internet? Facebook - http://www.facebook.com/YouTubeCrashCourse Twitter - http://www.twitter.com/TheCrashCourse Tumblr - http://thecrashcourse.tumblr.com Support Crash Course on Patreon: http://patreon.com/crashcourse CC Kids: http://www.youtube.com/crashcoursekids
Views: 113168 CrashCourse
Econ 305, Lecture 12, Part I, The Labor Theory of Value
 
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The Department of Economics at UMass Amherst offers a broad range of online courses, including Microeconomics, Macroeconomics, Marxian Economics, and American Economic History. Our courses are a unique blend of heterodox and mainstream economic theory. Take them for credit from anywhere in the world. Register today by going to http://www.umassulearn.net/ and clicking on "Enroll Now". (UMass Amherst students, please use https://spire.umass.edu.) This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 3.0 Unported License. http://creativecommons.org/licenses/by-nc-sa/3.0/
Views: 15985 UMassEconomics
Labor Markets and Minimum Wage: Crash Course Economics #28
 
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How much should you get paid for your job? Well, that depends on a lot of factors. Your skill set, the demand for the skills you have, and what other people are getting paid around you all factor in. In a lot of ways, labor markets work on supply and demand, just like many of the markets we talk about in Crash Course Econ. But, again, there aren't a lot of pure, true markets in the world. There are all kinds of oddities and regulations that change the way labor markets work. One common (and kind of controversial one) is the minimum wage. The minimum wage has potential upsides and downsides, and we'll take a look at the various arguments for an against it. Crash Course is on Patreon! You can support us directly by signing up at http://www.patreon.com/crashcourse Thanks to the following Patrons for their generous monthly contributions that help keep Crash Course free for everyone forever: Mark, Eric Kitchen, Jessica Wode, Jeffrey Thompson, Steve Marshall, Moritz Schmidt, Robert Kunz, Tim Curwick, Jason A Saslow, SR Foxley, Elliot Beter, Jacob Ash, Christian, Jan Schmid, Jirat, Christy Huddleston, Daniel Baulig, Chris Peters, Anna-Ester Volozh, Ian Dundore, Caleb Weeks -- Want to find Crash Course elsewhere on the internet? Facebook - http://www.facebook.com/YouTubeCrashCourse Twitter - http://www.twitter.com/TheCrashCourse Tumblr - http://thecrashcourse.tumblr.com Support Crash Course on Patreon: http://patreon.com/crashcourse CC Kids: http://www.youtube.com/crashcoursekids
Views: 465932 CrashCourse
Universal Basic Income Explained – Free Money for Everybody? UBI
 
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What is UBI? How would free money change our lives. Kurzgesagt Newsletter: http://eepurl.com/cRUQxz Support us on Patreon so we can make more videos (and get cool stuff in return): https://www.patreon.com/Kurzgesagt?ty=h Kurzgesagt merch: http://bit.ly/1P1hQIH The MUSIC of the video: Soundcloud: http://bit.ly/2BHihcO Bandcamp: http://bit.ly/2AY8lPf Facebook: http://bit.ly/2qW6bY4 A few sources: Cash Transfers and Temptation Goods http://bit.ly/2gfkwsN Debunking the Stereotype of the Lazy Welfare Recipient: Evidence from Cash Transfer Programs Worldwide http://bit.ly/1lFeO5Y The Poverty Trap http://bit.ly/2iCv9cK The short-term impact of unconditional cash transfers to the poor: experimental evidence from Kenya http://bit.ly/2ixSbEn Opinion: Our Broken Economy, in One Simple Chart http://nyti.ms/2vzE1be Modeling the Macroeconomic Effects of a Universal Basic Income http://bit.ly/2xLWUFi On the Economics of a Universal Basic Income http://bit.ly/2BdHoaX What Would Happen If We Just Gave People Money? http://53eig.ht/230Td6X Cash Transfers and Temptation Goods – A Review of Global Evidence http://bit.ly/2cXUTyY Cash transfers: what does the evidence say? A rigorous review of impacts and the role of design and implementation features http://bit.ly/2av62Ya Cash as Capital http://bit.ly/2rGvlgZ THANKS A LOT TO OUR LOVELY PATRONS FOR SUPPORTING US: Kelly-Anne B, Kevin Perot, Ehsan Kia, Larry Peterson, Verteiron, Kristofer Sokk, Lily Lau, Fabian Keller, Hrvoje Stojanović, Chris K, Rebecca Lawson, Jonah Larsen, Tombfyre, Carlos Fuentealba, Logan Spalding, Richard Williams, Sylvain Gibouret, Paul Cowan, François Agier, Tristin, Matthias Monnereau, Qiiii Wang, Hendrik Ewe, Jenny Wang, Steve Root, Erickson Dias, Daniel Dod, Peggy Snow, fxenergy, Stephan Wölcher, Christian Strømnes, Michael, Dave, Anders Mærøe, Peter Sodke, Mathis Rehfeld, Obedient Gamer, Mersija Maglajlic, Christian Kleinferchner, Luke Stowers, Macrieum, Joanna Iwańska, Eli Mahler, Kevin Stamps, K., Mike Danielson, Harethh aljagbir, Panayot Todorov, TechyTF77 , Jacob Hilliard, Paul Flynn, Raymond Carter, Luke Welton, Ryan Kratt, robert oseveno, Hugo Chuang, Seggev Shoresh, Mechanically Cryptic, Niklas Widmann, Moshe Simantov, Sebastian Link, Leezdorfer, Andrei Robu, Karla Brilman, Jason Lopez, n0mir3k, Daniel Mardale Help us caption & translate this video! http://www.youtube.com/timedtext_cs_panel?c=UCsXVk37bltHxD1rDPwtNM8Q&tab=2 Universal Basic Income Explained – Free Money for Everybody? UBI
5 6 Exchange and Economic Systems 1  Reciprocity
 
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Help us caption & translate this video! http://amara.org/v/YAcb/
Views: 983 Miami E-Learning
Market equilibrium | Supply, demand, and market equilibrium | Microeconomics | Khan Academy
 
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Equilibrium price and quantity for supply and demand Watch the next lesson: https://www.khanacademy.org/economics-finance-domain/microeconomics/supply-demand-equilibrium/market-equilibrium-tutorial/v/changes-in-market-equilibrium?utm_source=YT&utm_medium=Desc&utm_campaign=microeconomics Missed the previous lesson? https://www.khanacademy.org/economics-finance-domain/microeconomics/supply-demand-equilibrium/supply-curve-tutorial/v/long-term-supply-curve-1?utm_source=YT&utm_medium=Desc&utm_campaign=microeconomics Microeconomics on Khan Academy: Topics covered in a traditional college level introductory microeconomics course About Khan Academy: Khan Academy offers practice exercises, instructional videos, and a personalized learning dashboard that empower learners to study at their own pace in and outside of the classroom. We tackle math, science, computer programming, history, art history, economics, and more. Our math missions guide learners from kindergarten to calculus using state-of-the-art, adaptive technology that identifies strengths and learning gaps. We've also partnered with institutions like NASA, The Museum of Modern Art, The California Academy of Sciences, and MIT to offer specialized content. For free. For everyone. Forever. #YouCanLearnAnything Subscribe to Khan Academy's Microeconomics channel: https://www.youtube.com/channel/UC_6zQ54DjQJdLodwsxAsdZg Subscribe to Khan Academy: https://www.youtube.com/subscription_center?add_user=khanacademy
Views: 804972 Khan Academy
Fiscal Policy and Stimulus: Crash Course Economics #8
 
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In which Jacob and Adriene teach you about the evils of fiscal policy and stimulus. Well, maybe the policies aren't evil, but there is an evil lair involved. In this episode we learn how government use taxes and spending influence the economy. Sometimes the government gives, and sometimes it takes. And the giving and the taking can have a profound effect on how economies behave. Crash Course is on Patreon! You can support us directly by signing up at http://www.patreon.com/crashcourse Thanks to the following Patrons for their generous monthly contributions that help keep Crash Course free for everyone forever: Mark , Elliot Beter, Moritz Schmidt, Jeffrey Thompson, Ian Dundore, Jacob Ash, Jessica Wode, Today I Found Out, Christy Huddleston, James Craver, Chris Peters, SR Foxley, Steve Marshall, Simun Niclasen, Eric Kitchen, Robert Kunz, Avi Yashchin, Jason A Saslow, Jan Schmid, Daniel Baulig, Christian , Anna-Ester Volozh Want to find Crash Course elsewhere on the internet? Facebook - http://www.facebook.com/YouTubeCrashCourse Twitter - http://www.twitter.com/TheCrashCourse Tumblr - http://thecrashcourse.tumblr.com Support Crash Course on Patreon: http://patreon.com/crashcourse CC Kids: http://www.youtube.com/crashcoursekids
Views: 837239 CrashCourse
Deficits & Debts: Crash Course Economics #9
 
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What is debt? What is a deficit? And do these things have different outcomes for individuals and nations? Adriene and Jacob answer all these questions and more on this week's Crash Course Econ. Deficit and debt are easy to misunderstand, but luckily, they're also pretty easy to understand. This week we'll explain what deficit and debt are, and talk about what the sources of deficit and debt are for the US Government. Also, we'll take a very special trip to Cliffordonia to try and understand these concepts and get a look at what a colonial-era space program might have looked like. Crash Course is on Patreon! You can support us directly by signing up at http://www.patreon.com/crashcourse Thanks to the following Patrons for their generous monthly contributions that help keep Crash Course free for everyone forever: Mark , Elliot Beter, Moritz Schmidt, Jeffrey Thompson, Ian Dundore, Jacob Ash, Jessica Wode, Today I Found Out, Christy Huddleston, James Craver, Chris Peters, SR Foxley, Steve Marshall, Simun Niclasen, Eric Kitchen, Robert Kunz, Avi Yashchin, Jason A Saslow, Jan Schmid, Daniel Baulig, Christian , Anna-Ester Volozh Want to find Crash Course elsewhere on the internet? Facebook - http://www.facebook.com/YouTubeCrashCourse Twitter - http://www.twitter.com/TheCrashCourse Tumblr - http://thecrashcourse.tumblr.com Support Crash Course on Patreon: http://patreon.com/crashcourse CC Kids: http://www.youtube.com/crashcoursekids
Views: 595511 CrashCourse
The General Equilibrium Theorem  part 1:
 
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Constructing the three conditions for economic efficiency in a 2x2x2 economy model In this clip about general equilibrium we review both the consumer and production equilibriums. We show that the two sectors are analogous (they are similar in construction and presentation). In these equilibriums we are dealing with a single consumer in the consumption sector and a single producer in the production sector. We do this as a prelude to understanding how the 2x2x2... economy model and its equilibrium point comes directly from the same tools and understandings of the equilibrium points reached for a single consumer or single producer
Views: 51569 lostmy1
Law of Value 4: Value (1 of 2)
 
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had to reload this after youtube censored it. Unlike bourgeois economic theory which projects its categories of utility and capital back in time to make all of history retroactively bend to the laws of capitalism, Marx's theory of value describes a specific type of social organization unique to a society in which the dominant form of production is production for market exchange. When we don't produce directly for use, but for exchange, we find that our productive activity is regulated by unconscious economic laws which Marx calls the "law of value". Whereas before we said there was an antagonism between use-value and exchange-value we can now say that this is really an antagonism between use-value and value (since exchange value is an expression of value). As long as production is production to produce values instead of uses we will have to deal with the social antagonisms that spring from this contradiction: The logic of profit will dominate over society rather than the logic of usefulness. And the nature of work will be to maximize profit at all cost rather than to maximize the quality of the experience of work or of the life of the worker. full text at: http://kapitalism101.wordpress.com/2010/06/13/law-of-value-4-value/
Views: 19133 brendanmcooney
Closing the social distance gap | Nate Heasley | TEDxNYIT
 
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This talk was given at a local TEDx event, produced independently of the TED Conferences. Using alternative currencies and principles of social exchange theory, it is possible to close the “social distance gap” to create a new kind of sharing economy, building community-based wealth and promoting social impact in the process. Nate Heasley is founder and director of Goodnikels, a nonprofit that promotes social enterprise and socially responsible business. He recently launched Goodnikels, a time-based alternative currency to support social impact organizations. Heasley has a B.A. from St. John’s College in Annapolis, Md., and a J.D. from Fordham University School of Law, where he was a Crowley Fellow in International Human Rights and a Stein Scholar in Public Interest Law and Ethics. About TEDx, x = independently organized event In the spirit of ideas worth spreading, TEDx is a program of local, self-organized events that bring people together to share a TED-like experience. At a TEDx event, TEDTalks video and live speakers combine to spark deep discussion and connection in a small group. These local, self-organized events are branded TEDx, where x = independently organized TED event. The TED Conference provides general guidance for the TEDx program, but individual TEDx events are self-organized.* (*Subject to certain rules and regulations)
Views: 766 TEDx Talks
Conversations with History: Gary Becker
 
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(Visit: http://www.uctv.tv/) Conversations host Harry Kreisler welcomes Nobel Laureate Gary S. Becker for a discussion of his intellectual journey. Topics covered in the conversation include: the influence of his parents, his education, Milton Friedman, his early work on discrimination, the skills and temperament required for work in economics, applying economic analysis to social problems, the Chicago school of economics, creativity, rational choice theory, markets vs. government, the impact of ideas on policy, the communications revolution, the lessons of the 2008 economic collapse, and advice for students preparing for the future. Series: "Conversations with History" [5/2013] [Business] [Show ID: 25071]
Dependency Theory
 
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A description of global associated with neo-Marxist theory, particularly in Central and South America. The theory describes how economic elites across states collude to promote their own economic and political interests.
Views: 307435 allensens
Macro 4.14- Loanable Funds & Crowding Out
 
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Mr. Clifford explains the graph for loanable funds and crowding out
Views: 262152 Jacob Clifford
Fundamentals of Economic Analysis, Lecture 2: Exchange and Demand | Joseph T. Salerno
 
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Joseph T. Salerno and Peter G. Klein are two of the most productive microeconomists in the Austrian School today. This seminar provides an introduction to Austrian Economics, and offers a preview of their forthcoming textbook for graduate students. Presented at the Ludwig von Mises Institute, 11-15 June 2007. http://mises.org Joseph T. Salerno is an economist of the Austrian School who resides in the United States. A professor at Pace University, Salerno is an active scholar in the areas of banking and monetary theory, comparative economics, and the history of economic thought. He is a senior faculty member of the Ludwig von Mises Institute, for which he frequently lectures and writes, and he serves as editor of the Institute's Quarterly Journal of Austrian Economics. Links to selected online books and essays on Austrian Economics: What is Austrian Economics? http://mises.org/etexts/austrian.asp Human Action: A Treatise on Economics by Ludwig von Mises http://mises.org/resources/3250 Audio book version: http://www.youtube.com/play_list?p=ED883527337E557B Theory and History: An Interpretation of Social and Economic Evolution by Ludwig von Mises http://mises.org/th.asp Audio book version: http://www.youtube.com/vplay_list?p=E52EEC7BFA3115F0 Economic Calculation in the Socialist Commonwealth by Ludwig von Mises http://mises.org/econcalc.asp Audio book version: http://www.youtube.com/vplay_list?p=FADF1FD6F2C0B8EF Historical Setting of the Austrian School of Economics by Ludwig von Mises http://mises.org/resources/1001 The Ultimate Foundation of Economic Science by Ludwig von Mises http://mises.org/books/ufofes/default.aspx Man, Economy, and State by Murray N. Rothbard http://mises.org/resources/1082 Audio book version: http://www.youtube.com/play_list?p=53CE2A1EA5C720BE Economic Thought Before Adam Smith: An Austrian Perspective on the History of Economic Thought, Volume I by Murray N. Rothbard http://mises.org/resources/3985 Audio book version: http://www.youtube.com/play_list?p=C60128B8E98929D7 Classical Economics: An Austrian Perspective on the History of Economic Thought, Volume II by Murray N. Rothbard http://mises.org/resources/3986 Audio book version: http://www.youtube.com/play_list?p=08BADEE86CA3F02F Mises and Austrian Economics by Murray N. Rothbard http://mises.org/resources/2699 The Austrian School of Economics: A History of Its Ideas, Ambassadors, and Institutions http://mises.org/resources/6136 Audio book version: http://www.youtube.com/playlist?p=PLF6C1466B1FDFB954 Principles of Economics by Carl Menger http://mises.org/etexts/menger/principles.asp The Failure of the "New Economics" by Henry Hazlitt http://mises.org/resources/3655 Audio book version: http://www.youtube.com/playlist?p=PLBDAFAE937C2E3E21 Individualism and Economic Order by F.A. Hayek http://mises.org/resources/4015 Monetary Theory and the Trade Cycle by F.A. Hayek http://mises.org/resources/680 The Pure Theory of Capital by F.A. Hayek http://mises.org/resources/3032 Monetary Nationalism and International Stability by F.A. Hayek http://mises.org/resources/570 Philosophical and Ethical Implications of Austrian Economics by Israel M. Kirzner http://mises.org/resources/24 Why Austrian Economics Matters by Llewellyn H. Rockwell, Jr. http://mises.org/resources/1200 Austrian Economics as Extraordinary Science by Edwin G. Dolan http://mises.org/resources/12 Economic Science and the Austrian Method by Hans-Hermann Hoppe http://mises.org/resources/4950 The Austrian Theory of the Trade Cycle and Other Essays http://mises.org/pdf/austtrad.pdf The Place of Human Action in the Development of Modern Economic Thought by Joseph T. Salerno http://mises.org/journals/qjae/pdf/qjae2_1_3.pdf Austrian Macroeconomics: A Diagrammatical Exposition by Roger W. Garrison http://mises.org/resources/5057 The Austrian School's Critique of Marxism by Eugen-Maria Schulak https://mises.org/daily/5114 Methodology of the Austrian School Economists by Lawrence H. White http://mises.org/resources/155 Control or Economic Law by Eugen von Böhm-Bawerk http://mises.org/resources/5188 The Positive Theory of Capital by Eugen von Böhm-Bawerk http://mises.org/resources/3326 Mises and Austrian Economics: A Personal View by Ron Paul http://mises.org/resources/3221 Links to further readings on Austrian Economics: http://mises.org/literature.aspx http://mises.org/articles.aspx DISCLAIMER: The Ludwig von Mises Institute has given permission under the Creative Commons license that this media presentation can be publicly reposted as long as credit is given to the Mises Institute and other guidelines are followed. More info at: http://creativecommons.org/licenses/by/3.0/us/ This YouTube channel is in no way endorsed by or affiliated with the Ludwig von Mises Institute, any of its lecturers or staff members.
Views: 4691 LibertyInOurTime
How Beneficial Is World Trade?
 
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Global Economics - Global Exchange: Free Trade & Protectionism (2006): Assessing the overall gains of world trade. Subscribe to Journeyman here: http://www.youtube.com/subscription_center?add_user=journeymanpictures Societies have traded for thousands of years. However, the last 35 years have seen an explosion in world trade. How has this global integration affected the world's economy and individual markets and how are the overall gains of world trade distributed? Like us on Facebook: https://www.facebook.com/journeymanpictures Follow us on Twitter: https://twitter.com/JourneymanNews https://twitter.com/JourneymanVOD Follow us on Instagram: https://instagram.com/journeymanpictures For downloads and more information visit: http://www.journeyman.tv/film/3168 Journeyman Pictures - Ref. 3168 Journeyman Pictures is your independent source for the world's most powerful films, exploring the burning issues of today. We represent stories from the world's top producers, with brand new content coming in all the time. On our channel you'll find outstanding and controversial journalism covering any global subject you can imagine wanting to know about.
Views: 191718 Journeyman Pictures
Environmental Econ: Crash Course Economics #22
 
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So, if economics is about choices and how we use our resources, econ probably has a lot to say about the environment, right? Right! In simple terms, pollution is just a market failure. The market is producing more pollution than society wants. This week, Adriene and Jacob focus on the environment, and how economics can be used to control and reduce pollution and emissions. You'll learn about supply and demand, incentives, and how government intervention influences the environment. Crash Course is on Patreon! You can support us directly by signing up at http://www.patreon.com/crashcourse Thanks to the following Patrons for their generous monthly contributions that help keep Crash Course free for everyone forever: Mark, Eric Kitchen, Jessica Wode, Jeffrey Thompson, Steve Marshall, Moritz Schmidt, Robert Kunz, Tim Curwick, Jason A Saslow, SR Foxley, Elliot Beter, Jacob Ash, Christian, Jan Schmid, Jirat, Christy Huddleston, Daniel Baulig, Chris Peters, Anna-Ester Volozh, Ian Dundore, Caleb Weeks -- Want to find Crash Course elsewhere on the internet? Facebook - http://www.facebook.com/YouTubeCrashCourse Twitter - http://www.twitter.com/TheCrashCourse Tumblr - http://thecrashcourse.tumblr.com Support Crash Course on Patreon: http://patreon.com/crashcourse CC Kids: http://www.youtube.com/crashcoursekids
Views: 282232 CrashCourse
Monetary and fiscal policy | Aggregate demand and aggregate supply | Macroeconomics | Khan Academy
 
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Basic mechanics of monetary and fiscal policy Watch the next lesson: https://www.khanacademy.org/economics-finance-domain/macroeconomics/aggregate-supply-demand-topic/monetary-fiscal-policy/v/tax-lever-of-fiscal-policy?utm_source=YT&utm_medium=Desc&utm_campaign=macroeconomics Missed the previous lesson? https://www.khanacademy.org/economics-finance-domain/macroeconomics/aggregate-supply-demand-topic/business-cycle-tutorial/v/the-business-cycle?utm_source=YT&utm_medium=Desc&utm_campaign=macroeconomics Macroeconomics on Khan Academy: Topics covered in a traditional college level introductory macroeconomics course About Khan Academy: Khan Academy offers practice exercises, instructional videos, and a personalized learning dashboard that empower learners to study at their own pace in and outside of the classroom. We tackle math, science, computer programming, history, art history, economics, and more. Our math missions guide learners from kindergarten to calculus using state-of-the-art, adaptive technology that identifies strengths and learning gaps. We've also partnered with institutions like NASA, The Museum of Modern Art, The California Academy of Sciences, and MIT to offer specialized content. For free. For everyone. Forever. #YouCanLearnAnything Subscribe to Khan Academy's Macroeconomics channel: https://www.youtube.com/channel/UCBytY7pnP0GAHB3C8vDeXvg Subscribe to Khan Academy: https://www.youtube.com/subscription_center?add_user=khanacademy
Views: 631164 Khan Academy
Liquidity traps and the economy- Macro 4.17
 
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Hey internet, this is Jacob Clifford. Thank you for watching my videos. So, what's so weird about the US economy today? Well, interest rates are extremely low, banks have extra money that they are not loaning out, and the massive increase in the money supply starting in 2008 hasn't resulted in inflation. In this video I discuss why and explain the idea of a liquidity trap. All data from St. Louis Federal Reserve https://fred.stlouisfed.org FED article about Excess Reserves https://www.clevelandfed.org/newsroom-and-events/publications/economic-commentary/2015-economic-commentaries/ec-201502-excess-reserves-oceans-of-cash.aspx FED article about missing inflation https://www.stlouisfed.org/publications/regional-economist/april-2014/the-liquidity-trap-an-alternative-explanation-for-todays-low-inflation If you are an economics student, please check out my Ultimate Review Packet http://www.acdcecon.com/review-packet Thanks again. You rock!
Views: 14223 Jacob Clifford
#72, Foreign exchange rate (Class 12 macroeconomics)
 
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Class 12 macroeconomics ..... Foreign exchange rate.... Foreign exchange.... Types of foreign exchange rate ..... Depreciation and appreciation of currency.... Contact for my book 7690041256 Economics on your tips video 72
Views: 302970 Economics on your tips
Supply and Demand: Crash Course Economics #4
 
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In which Adriene Hill and Jacob Clifford teach you about one of the fundamental economic ideas, supply and demand. What is supply and demand? Well, you’ll have to watch the video to really understand it, but it’s kind of important for everything economically. Supply and demand sets prices, and indicates to manufacturers how much to produce. Also, it has a lot to do with strawberries. Crash Course is on Patreon! You can support us directly by signing up at http://www.patreon.com/crashcourse Thanks to the following Patrons for their generous monthly contributions that help keep Crash Course free for everyone forever: Mark, Jan Schmid, Simun Niclasen, Robert Kunz, Daniel Baulig, Jason A Saslow, Eric Kitchen, Christian, Beatrice Jin, Anna-Ester Volozh, Eric Knight, Elliot Beter, Jeffrey Thompson, Ian Dundore, Stephen Lawless, Today I Found Out, James Craver, Jessica Wode, Sandra Aft, Jacob Ash, SR Foxley, Christy Huddleston, Steve Marshall, Chris Peters Want to find Crash Course elsewhere on the internet? Facebook - http://www.facebook.com/YouTubeCrashCourse Twitter - http://www.twitter.com/TheCrashCourse Tumblr - http://thecrashcourse.tumblr.com Support Crash Course on Patreon: http://patreon.com/crashcourse CC Kids: http://www.youtube.com/crashcoursekids
Views: 1507484 CrashCourse
Law of Comparative Advantage
 
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Comparative Advantage Theory - A look at David Ricardo's theory of comparative advantage
Views: 74780 EconplusDal
Hayek on Economics and Knowledge
 
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In 1936, Friedrich Hayek gave a lecture that was published one year later as an essay titled "Economics and Knowledge." In this essay, Hayek explains that economics is, at its core, a science of how knowledge is communicated and acquired. Hayek outlines a system of economics that relies not only on the division of labor, as Adam Smith discussed, but on the division of knowledge as well. The ability to mobilize knowledge in a decentralized fashion is a virtue of market economies. This video also covers the concept of equilibrium, the "rational expectations" movement, and what division of knowledge means for economic data. Great Economists: Classical Economics and its Forerunners course: http://mruniversity.com/courses/great-economists-classical-economics-and-its-forerunners Ask a question about the video: http://mruniversity.com/courses/great-economists-classical-economics-and-its-forerunners/hayek-economics-and-knowledge-summary#QandA Next video: http://mruniversity.com/courses/great-economists-classical-economics-and-its-forerunners/hayek-facts-social-sciences-summary
Marshall Lerner Condition and J Curve Effect
 
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Marshall Lerner Condition and J Curve Effect - An in depth look at the Marshall Lerner condition and J curve effect in determining whether a fall in the exchange will improve a country's current account position
Views: 79998 EconplusDal
Modes of Exchange
 
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Views: 391 DMGeorgina
What is RELATIONAL CONTRACT? What does RELATIONAL CONTRACT mean? RELATIONAL CONTRACT meaning
 
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What is RELATIONAL CONTRACT? What does RELATIONAL CONTRACT mean? RELATIONAL CONTRACT meaning - RELATIONAL CONTRACT definition - RELATIONAL CONTRACT explanation. Source: Wikipedia.org article, adapted under https://creativecommons.org/licenses/by-sa/3.0/ license. A relational contract is a contract whose effect is based upon a relationship of trust between the parties. The explicit terms of the contract are just an outline as there are implicit terms and understandings which determine the behaviour of the parties. Relational contract theory was originally developed in the United States by the legal scholars Ian Roderick Macneil and Stewart Macaulay. According to Macneil it offered a response to the so-called “Death of Contract” school’s nihilistic argument that contract was not a fit subject for study as a whole; each different type of contract (e.g., sales, employment, negotiable instruments) could be studied individually, but not “contracts-in-gross”. Macneil explains that this is only one of a number of possible relational theories of contracts, and accordingly renamed his own version “essential contract theory”. Relational contract theory is characterized by a view of contracts as relations rather than as discrete transactions (which, Macneil argued, traditional “classical” or "neo-classical contract" theory treats contracts as being). Thus, even a simple transaction can properly be understood as involving a wider social and economic context. For instance, if A purchases a packet of cigarettes from a shop he has never been into before and will never enter again, that seems quite discrete. However, A will almost certainly have a loyalty to a particular brand of cigarettes and expectations about quality about which he would be prepared to complain to the manufacturer, although he has no contractual privity with the manufacturer. There is also an understanding that A will pay for the cigarettes, not simply run off with them, and that if he tenders a L10 note in exchange for the cigarettes which are priced at L6, the paper money will be acceptable and change of L4 will be given. None of this is explicitly stated between the parties, whose conversation is likely limited to “20 Marlboro, please” on A’s part and “That’ll be L6, please” on the part of the retailer. Thus, even the simplest transaction has a good deal that is unstated and dependent on a wider web of social and economic relations. How far outwards into that web one needs to investigate will depend on the transaction and on the purpose for which it is being examined. Although earlier writing may be taken in places to suggest that the substantive rules of contract law need to be reframed to acknowledge the relational, non-discrete nature of contracts, this has not been subsequently pursued and current scholars have argued that it is neither possible nor necessary to reform the law of contract itself to work effectively with relationally-constituted contracts. Other characteristics of relational contract theory are that “contract” is understood to cover economic exchange in general, not just contracts that would be recognized as legally enforceable agreements by courts in any given jurisdiction, that relations are mostly held together by their own internal values and wider social/economic factors, and, at least in relational theory in the Macneil mould, that exchange relations are governed by a number of norms. This last is not to say that relational contract theory is normative in nature, setting out what ought to be the case properly, but rather that there are actual observable normal characteristics or factors at play in relations. Macneil’s essential contract theory offers some 14 norms.
Views: 817 The Audiopedia
Voluntary Exchange
 
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Views: 348 Melissa E
Macroeconomics- Everything You Need to Know
 
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In this video I quickly cover all the concepts and graph that you will see in an AP macroeconomics or college-level introductory macroeconomics course. Dn't take notes. Just get the big picture. *Note* At 25:48, the signs are reversed. I talk about scarcity, opportunity cost, the PPC, comparative advantage, supply and demand, GDP, unemployment, inflation, aggregate demand and supply, LRAS, Phillips Curve, economic growth, fiscal policy, money, banking, monetary policy, the Money Market, loanable funds, the balance of payments, and exchange rates. Wow! That's a lot of stuff. Good luck on your test! Get the Ultimate Review Packet http://www.acdcecon.com/#!review-packet/czji Macroeconomics Videos https://www.youtube.com/watch?v=XnFv3d8qllI Microeconomics Videos https://www.youtube.com/watch?v=swnoF533C_c Watch Econmovies https://www.youtube.com/playlist?list=PL1oDmcs0xTD9Aig5cP8_R1gzq-mQHgcAH Follow me on Twitter https://twitter.com/acdcleadership
Views: 586297 Jacob Clifford
Human Capital & Conditional Convergence
 
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In our previous macroeconomics video, we said that the accumulation of physical capital only provides a temporary boost to economic growth. Does the same apply to human capital? To answer that, consider this: what happens to all new graduates, in the end? For a while, they’re productive members of the economy. Then age takes its toll, retirement rolls around, and eventually, the old workforce is replaced with a new infusion of people. But then, the cycle restarts. You get a new workforce, everyone’s productive for a while, and then they too retire. Does this ring a bell? It should, because this is similar to the depreciation faced by physical capital. Similarly, are there diminishing returns to education? It likely wouldn’t pay off for everyone to have a PhD, or for everyone to master Einstein’s great theories. That means the logic of diminishing returns, and the idea of a steady state, also applies to human capital. So, now we can revise our earlier statement. Now we can say that the accumulation of any kind of capital, only provides a temporary boost in economic growth. This is because all kinds of capital rust. So, one way or another, we’ll reach a point where new investments can only offset depreciation. It’s the steady state, all over again. However, what does the journey to steady state look like? The Solow model predicts that poor countries should eventually catch up to rich countries, especially since they’re growing from a lower base. And given their quicker accumulation of capital, poorer nations should also grow faster, than their more developed neighbors. And eventually, every country should reach similar steady states. In other words, we would see growth tracks that all eventually converge. So, why isn’t this always the case? Why, in some cases, are we seeing “Divergence, Big time,” as coined by economist Lant Pritchett? The answer to these questions, lies in the institutions of different countries and the incentives they create. Assuming that a certain set of countries do have similar institutions, that’s where we see the convergence predicted by the Solow model. We see that poorer countries do grow faster than their richer counterparts. And conditional on having similar institutions, eventually, even poorer countries will reach a similar steady state of output as more developed nations. We call this phenomenon conditional convergence. You can think of it as a national game of catch-up, with catch-up only happening if institutions don’t differ. What happens though, once all this catching up is done? Let’s not forget that there’s still another variable in the Solow model. This is variable A: ideas -- the subject of our next video. There, we’ll show you how ideas can keep a country moving along the cutting edge of growth. Catch up on the Solow model: Introduction to the Solow model: http://bit.ly/1SMud3G Physical Capital and Diminishing Returns: http://bit.ly/1SpLT31 The Solow Model and the Steady State: http://bit.ly/233vDGw Office Hours video on the Solow model: http://bit.ly/1VQ8XLe Subscribe for new videos every Tuesday! http://bit.ly/1Rib5V8 Macroeconomics Course: http://bit.ly/1R1PL5x Ask a question about the video: http://bit.ly/1NwAtKJ Next video: http://bit.ly/1SHvrdp Help us caption & translate this video! http://amara.org/v/IR1M/

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